You might think that wills are only for wealthy people, or maybe you are young and think you don’t need to write one yet. According to Caring.com’s 2020 Estate Planning and Wills survey, only 1/3 of Americans over 18 (and only 1/2 of those over age 55) have a will. However, every…
The death of a loved one should be a time for family members to come together, but instead, estate and trust disputes can cause families to fall apart. Every family’s situation is unique, but certain issues commonly arise to cause these conflicts. It may be uncomfortable to address these issues, but…
Often, the emotional aspect of thinking about death and planning for one’s own passing can be one of the most challenging parts of estate planning. If you’re finding it difficult to begin planning, here is an idea for a 3-step process to create a framework for your entire estate plan.…
As we grow older, our mental capacity for decision-making and ability to deal with change declines. Although we may notice when we are “slipping,” we might not know the extent to which this capacity has reduced. Most people experience periods of life where they have the ability to make decisions,…
You may want to revise your legally valid will for a number of reasons as changes occur in your family’s circumstances over time. Adding a newborn grandchild as a beneficiary, removing an adult child’s spouse after a divorce, or changing a named executor, guardian, or beneficiary after the original has…
Long-term senior planning can be an uncomfortable or sensitive topic for many people, as it involves planning both for long-term care that one might need later in life as well as an estate plan that best fulfills one’s wishes after they have passed away. Arranging this type of care and…
One key part of creating your estate plan that deserves thoughtful consideration is choosing who will carry out the wishes in your will and who will make decisions on your behalf if you become incapacitated. “These designations are important and should be considered very carefully, no matter the size of…
With an account set up to “transfer on death,” the assets go directly to beneficiaries upon the account owner’s passing. Creating an account this way is beneficial in avoiding the costly and time-consuming process of probate, but it’s important to make sure that the account titling fits with the rest…
In last week’s post, I addressed 3 key questions to work through as you begin creating a living will. Here are 5 more vital questions to consider: — How do I get a living will? — How much does it cost to put together a living will? — What should…
A living will — together with other estate planning documents, such as a health care proxy — is essential for caring for and protecting loved ones and communicating your medical wishes. These estate planning documents are important not just for those who are older or who have significant medical diagnoses,…